Capturing the important news of the day in an easy to access way. We post news we feel is relevant to our members and community banks nationwide.
Whitelist [email protected] to ensure that you receive your update email.
If you’re still having difficulties receiving this Daily Email Campaign, please contact us at once through [email protected].
The Evolving Nature of Banking, Bank Culture, and Bank Runs
May 14, 2023 / Source: FRB
Governor Michelle W. Bowman At the 21st Annual Symposium on Building the Financial System of the 21st Century: An Agenda for Europe and the United States, European Central Bank, Frankfurt, Germany It is a pleasure to be with you here today.1 This symposium, focused on building the financial system of the twenty-first century, is very timely….
Treasury Department Releases Guidance to Boost American Clean Energy Manufacturing
May 14, 2023 / Source: Treasury
WASHINGTON, D.C. – As part of the Biden-Harris Administration’s Investing in America strategy, the U.S. Department of the Treasury and Internal Revenue Service (IRS) today released guidance that provides detailed information about the domestic content bonus under the Inflation Reduction Act for clean energy projects and facilities that meet American manufacturing and sourcing requirements. The guidance was…
FDIC Board of Directors Issues a Proposed Rule on Special Assessment Pursuant to Systemic Risk Determination
May 11, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a notice of proposed rulemaking, which would implement a special assessment to recover the cost associated with protecting uninsured depositors following the closures of Silicon Valley Bank and Signature Bank. The Federal Deposit Insurance Act (FDI Act) requires the FDIC to take this action in…
Notice and Request for Comment, Forms Renewal/Update
May 11, 2023 / Source: FinCEN
Notice and Request for Comment, Forms Renewal/Update Release Date May 11, 2023 Agency Information Collection Activities; Comment Request; Renewal Without Chan… Action Type Notice and Request for Comment, Forms Renewal/Update
Treasury Office of State and Local Finance Kicks off Summer Series on Climate Transition
May 11, 2023 / Source: Treasury
WASHINGTON – This week the Department of the Treasury’s Office of State and Local Finance kicked off its “Summer Series on Resources for the State and Local Government Climate Transition.” These monthly virtual convenings will share climate-oriented tools and resources for the municipal sector and will include presentations from federal agencies, industry organizations, and academic…
FDIC Examinations of Government-Guaranteed Loans
May 11, 2023 / Source: FDIC OIG
The Office of Inspector General (OIG) of the Federal Deposit Insurance Corporation (FDIC) issued its report on FDIC Examinations of Government-Guaranteed Loans. Federal agencies administer several Government-guaranteed loan programs to assist individuals and businesses with, among other things, buying homes, financing agricultural production, financing businesses, and purchasing equipment. FDIC-supervised banks participate in these programs, originating billions…
CFPB Issues Guidance to Rein in Creation of Fake Accounts to Harvest Fees
May 10, 2023 / Source: CFPB
New circular addresses illegal “reopening” of deposit accounts that can hit consumers with junk fees WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) issued a new circular affirming that a bank may violate federal law if it unilaterally reopens a deposit account to process transactions after a consumer has already closed it. The CFPB has…
Remarks by the U.S. Treasury Department’s Counselor for Racial Equity Janis Bowdler at the Inaugural Meeting of the President’s Advisory Commission on Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics
May 10, 2023 / Source: Treasury
WASHINGTON – Today, Counselor for Racial Equity Janis Bowdler delivered remarks during a panel discussion on “Advancing Economic Opportunity” with senior officials from the White House, Department of Commerce, and Small Business Administration during the inaugural meeting of the President’s Advisory Commission on Advancing Educational Equity, Excellence, and Economic Opportunity for Hispanics. As Prepared for…
Treasury Sanctions Fourth Member of “Los Chapitos” and Expands Targeting of Deadly Fentanyl Supply Network
May 9, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Joaquin Guzman Lopez—a son of Joaquin “El Chapo” Guzman Loera and the fourth member of Los Chapitos—as well as three Sinaloa Cartel members and two Mexico-based entities pursuant to Executive Order (E.O.) 14059. Those sanctioned today are part of a…
New Treasury Department, IRS, and Census Study Finds Economic Impact Payments Quickly and Effectively Reached Underserved Communities and Americans Most In Need
May 9, 2023 / Source: Treasury
New research shows receipt rates were high overall, with limited differences across racial, ethnic lines WASHINGTON – A team of researchers at the U.S. Department of the Treasury, U.S. Census Bureau, and Internal Revenue Service published a working paper that studies the demographic breakdown of Economic Impact Payment (EIP) recipients to examine potential disparities in the receipt…
Have medical debt? Anything already paid or under $500 should no longer be on your credit report
May 8, 2023 / Source: CFPB
Nearly 1-in-5 households in the United States has reported having some form of overdue medical debt. Patients and their families are contacted by debt collectors about medical bills more than any other type of debt, and it commonly results in negative information appearing on credit records. In fact, in 2021, 43 million people had allegedly unpaid…
CFPB to distribute more than $22 million to consumers harmed by Burlington Financial Group’s debt relief and credit repair scams
May 8, 2023 / Source: CFPB
This month, 6,523 people who were misled by Burlington Financial Group with false promises that it would eliminate their credit-card debts and improve their credit scores will receive a check in the mail. Burlington Financial Group was a Maryland-based debt-relief and credit-repair company that marketed and sold debt-relief and credit-repair services to people nationwide from…
Remarks by Assistant Secretary for Financial Institutions Graham Steele on Community Finance Policy and Building a More Equitable Economy at Inclusiv’s 2023 Conference
May 7, 2023 / Source: Treasury
MEMPHIS, TN – Today, Assistant Secretary for Financial Institutions Graham Steele delivered remarks at Inclusiv’s 2023 Conference in Memphis, Tennessee on the Treasury Department’s approach to community finance policy and efforts to build a more equitable economy. As Prepared for Delivery Good afternoon. It’s a pleasure to be here and I want to thank Inclusiv…
Medical Credit Cards and Financing Plans
May 4, 2023 / Source: CFPB
Financial institutions and fintech companies are generating a growing number of financing mechanisms for families and individuals struggling to pay their out-of-pocket health care expenses. This report focuses on some of these alternative financing products, including medical credit cards and installment loans, that were once used primarily for elective care but now cover everything from…
CFPB Report Highlights Costly Credit Cards and Loans Pushed on Patients
May 4, 2023 / Source: CFPB
Financial companies work with healthcare providers to sign patients up for specialty credit cards and other targeted financing products WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) published a report on high-cost specialty financial products, such as medical credit cards, that are sold to patients as a way to alleviate the growing costs of…
Federal Reserve issues FOMC statement May 2023
May 3, 2023 / Source: FRB
Economic activity expanded at a modest pace in the first quarter. Job gains have been robust in recent months, and the unemployment rate has remained low. Inflation remains elevated. The U.S. banking system is sound and resilient. Tighter credit conditions for households and businesses are likely to weigh on economic activity, hiring, and inflation. The…
Minutes of the Meeting of the Treasury Borrowing Advisory Committee May 2, 2023
May 3, 2023 / Source: Treasury
The Committee convened in a closed session at the Department of the Treasury at 9:15 a.m. All members were present. Under Secretary for Domestic Finance Nellie Liang, Fiscal Assistant Secretary Dave Lebryk, Assistant Secretary for Financial Markets Josh Frost, Deputy Assistant Secretary for Federal Finance Brian Smith, and Director of the Office of Debt Management…
Report to the Secretary of the Treasury from the Treasury Borrowing Advisory Committee
May 3, 2023 / Source: Treasury
May 2, 2023 Letter to the Secretary Dear Madam Secretary: Since the last TBAC meeting, markets have focused on the outlook for US economic growth, inflation, and Fed policy. In March, emergent risks to financial stability increased market attention on downside risks to economic activity and Fed policy rates, provoking extraordinary volatility in short-term Treasury…
Quarterly Refunding Statement of Assistant Secretary for Financial Markets Josh Frost
May 3, 2023 / Source: Treasury
WASHINGTON — The U.S. Department of the Treasury is offering $96 billion of Treasury securities to refund approximately $75.2 billion of privately-held Treasury notes maturing on May 15, 2023. This issuance will raise new cash from private investors of approximately $20.8 billion. The securities are: A 3-year note in the amount of $40 billion, maturing…
Treasury Designates Terrorist Financing Facilitators Jointly With Türkiye
May 2, 2023 / Source: Treasury
WASHINGTON — Today, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), in a joint action with authorities in the Republic of Türkiye, designated two financial facilitators of Syria-based terrorist groups Hay’at Tahrir al-Sham (HTS) and Katibat al-Tawhid wal-Jihad (KTJ), both of which are sanctioned by the United States and the United…
Statement by Ambassador Chantale Wong, U.S. Executive Director to the Asian Development Bank, on the Launch of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP)
May 2, 2023 / Source: Treasury
As an ADB shareholder, the United States welcomes the establishment of the Innovative Finance Facility for Climate in Asia and the Pacific (IF-CAP), a strong signal of the Asian Development Bank (ADB)’s ambition to support sustainable infrastructure, diversify energy systems, boost investment in adaptation, and strengthen resilience in the Asia-Pacific region. IF-CAP will complement G7…
CFPB Proposes New Consumer Protections for Homeowners Seeking Clean Energy Financing
May 1, 2023 / Source: CFPB
WASHINGTON, D.C. – The Consumer Financial Protection Bureau (CFPB) proposed a rule to implement a Congressional mandate to establish consumer protections for residential Property Assessed Clean Energy (PACE) loans. PACE loans, secured by a property tax lien on the borrower’s home, are often promoted as a way to finance clean energy improvements such as solar panels….
FDIC Releases Comprehensive Overview of Deposit Insurance System, Including Options for Deposit Insurance Reform
May 1, 2023 / Source: FDIC
WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a comprehensive overview of the deposit insurance system and options for reform to address financial stability concerns stemming from recent bank failures. The report, Options for Deposit Insurance Reform, examines the role of deposit insurance in promoting financial stability and preventing bank runs, as well as…
JPMorgan Chase Bank, National Association, Columbus, Ohio Assumes All the Deposits of First Republic Bank, San Francisco, California
May 1, 2023 / Source: FDIC
WASHINGTON — First Republic Bank, San Francisco, California, was closed today by the California Department of Financial Protection and Innovation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of…
Treasury Announces Marketable Borrowing Estimates
May 1, 2023 / Source: Treasury
Sources and Uses Table WASHINGTON — The U.S. Department of the Treasury today announced its current estimates of privately-held net marketable borrowing[1] for the April – June 2023 and July – September 2023 quarters. During the April – June 2023 quarter, Treasury expects to borrow $726 billion in privately-held net marketable debt, assuming an end-of-June cash balance…